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Jake Tapper is ABC News' Senior National Correspondent based in the network's Washington bureau. He writes about politics and popular culture and covers a range of national stories.
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Drs. McCain and Gramm Put the U.S. Economy on the Couch; Gramm Diagnoses a "Mental Recession" Among U.S. "Whiners"
July 10, 2008 9:56 AM
Is there a doctor in the house?
A top economic adviser to Sen. John McCain, R-Ariz., -- former Sen. Phil Gramm, R-Texas, now vice chair of Swiss banking giant UBS -- tells the Washington Times that the US economy is being weighed down by the belief by Americans that the economy is bad.
"You've heard of mental depression; this is a mental recession," Gramm tells the Washington Times, adding that despite all the bad news out there US economic growth continues at a rate of approximately 1 percent. "We may have a recession; we haven't had one yet."
Adds Gramm: "We have sort of become a nation of whiners. You just hear this constant whining, complaining about a loss of competitiveness, America in decline...We've never been more dominant; we've never had more natural advantages than we have today...Misery sells newspapers. Thank God the economy is not as bad as you read in the newspaper every day."
This comes on the heels of McCain himself saying of economic distress, "a lot of this is psychological. Because I agree the fundamentals of our economy is still strong.” (Watch HERE.)
McCain repeated that notion in an idea with Fox News' Neil Cavuto, saying "a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home." He said his proposed gas tax holiday "might give them a little psychological boost. Let’s have some straight talk, it’s not a huge amount of money.” (Watch HERE.)
McCain last month said that off-shore drilling might have a "psychological" affect as well on the U.S. economy. (Watch HERE.)
Prozac policies?
DNC spox Karen Finney today says: "What John McCain, George Bush Phil Gramm just don't understand is that the American people aren't whining about the state of the economy, they are suffering under the weight of it - the weight of eight years of Bush-enomics that John McCain and Phil Gramm have vowed to continue. How dare John McCain and his advisers so callously dismiss the challenges the American people face. No wonder voters feel John McCain is out of touch, he and his campaign don't even understand the everyday issues Americans are dealing with."
- jpt
UPDATE: Obama spox Bill Burton reacts to Gramm's and McCain's comments: “One of Senator McCain’s top economic advisors may think that when people are struggling with lost jobs, stagnant wages, and the rising costs of everything from gas to groceries, it’s merely a ‘mental recession’. And Senator McCain may think it’s sufficient to offer energy proposals that he admits will have mainly ‘psychological’ benefits. But the American people know that our economic problems aren’t just in their heads. They don’t need psychological relief – they need real relief – and that’s what Barack Obama will provide as President."
July 10, 2008 | Permalink | User Comments (390)
It is truely said when you have people like McCain, Bush, and Gramm, who are out of touch with the real world and society. They live in glass bubbles and don't want to know whats happening around them. A president has to be opened minded. That goes for the media nad journalist as well. The Republican part is way out there and out of touch with the world, not just the US, but the world.
Posted by: Brenda | Jul 22, 2008 11:56:55 AM
the only people that'll be whining are the ones he makes go back to school for a trade or back to work. the rest of us will be crying because we're so happy!!!!!!!!! Humanitarianism First!!
Posted by: augusta | Jul 19, 2008 5:00:24 AM
you all are whining about him calling you whiners, how ironic.
Posted by: poobah | Jul 13, 2008 6:57:30 PM
MAKE EVERYONE SERVE TIME IN THE MILITARY WITH NO EXCEPTIONS . anyone who cant serve in the military for whatever reason should do public service (trash collecting, cleaning public areas, etc) for the same amount of time . no exceptions for status or wealth , all applications for enlistment should be done strictly anonymously with no reference to the enlistee other than a serial number ,that would ensure fairness.
EVERYONE SHOULD GET USED TO GIVING SOMETHING BEFORE THEY EXPECT SOMETHING FROM THIS GREAT COUNTRY ,EVEN THE RICH AND ELITE.
once EVERYONE,NOT JUST THE POOR AND DISADVANTAGED learns that this great country owes no one anything without due effort ,and not to expect a free ride ,either as a hand out to the lazy or as a government approved nod to the rip off/con- artist/tax avoider /financial schemer etc etc , then we will be much further along as a nation ,and better as people as well .
Posted by: bah | Jul 11, 2008 3:14:14 PM
*********************************
Too bad this wasn't enacted when Limbaugh
weaseled himself out of the military
Posted by: spacerook1 | Jul 11, 2008 10:02:49 PM
You know, it's kind of fun to read these stupid statements and then make even stupider comments... as evidenced by reading 99% of the above. Do stupid comments by people like Gramm or Jackson effect how you feel about your candidate of choice?
Posted by: HeyYou | Jul 11, 2008 8:19:00 PM
"If the economy is so great and robust why is Starbucks closing 600 stores with 12,000 losing their jobs? Why is General Motors stock the lowest since 1954"
Well maybe there are way too many Starbucks stores. You don't need one on every corner. Just a thought. GM may be down, but how are Honda and Toyota doing?
Posted by: Mack | Jul 11, 2008 4:18:15 PM
If the economy is so dire and grim, why are there people waiting in line, like cattle, to buy a new iphone? I guess those are all the iced tea drinking fat cats.
Posted by: Mack | Jul 11, 2008 1:59:18 PM
******************************
If the economy is so great and robust why is Starbucks closing 600 stores with 12,000 losing their jobs? Why is General Motors stock the lowest since 1954? Get a clue we need to get rid of the republican crew.
Posted by: HoosierSue | Jul 11, 2008 3:39:57 PM
sylvester, the truth is that time warner (cnn,and others ) , disney (abcnews) and general electric(nbc) ,supply most of what is read , seen or heard as news in this country ,to a large degree anyway.
ahh what a country!
THANK GOD FOR THE INTERNET!
Posted by: bah | Jul 11, 2008 3:32:08 PM
anti mccain spin!
i think patb ,that maybe he opened mouth ,inserted foot , and that is what really happened today ,again, par for the course for jm.
hes a fat cat , thats why i wont vote for mccain . hes mostly interested in keeping the boat on the same course ;that is ,making lots of rich folks richer while the country spirals downwards for everyone else.
politically hes got some decent ideas,mostly to promote growth ,ie; more money for his fat cat buddies ,but nothing nearly in line with what this country needs presently.
Posted by: bah | Jul 11, 2008 3:22:45 PM
steve ,the best was the 2 years military service. i noticed that one of the royals, kids over in england was in afghanistan , on the front line even , so brave and proud and so unlike the american rich/elite who are ,it seems, mostly cowards who are unwilling to serve anyone or anything but their own short-sighted interests or the interests of some fat cat buddy.
MAKE EVERYONE SERVE TIME IN THE MILITARY WITH NO EXCEPTIONS . anyone who cant serve in the military for whatever reason should do public service (trash collecting, cleaning public areas, etc) for the same amount of time . no exceptions for status or wealth , all applications for enlistment should be done strictly anonymously with no reference to the enlistee other than a serial number ,that would ensure fairness.
EVERYONE SHOULD GET USED TO GIVING SOMETHING BEFORE THEY EXPECT SOMETHING FROM THIS GREAT COUNTRY ,EVEN THE RICH AND ELITE.
once EVERYONE,NOT JUST THE POOR AND DISADVANTAGED learns that this great country owes no one anything without due effort ,and not to expect a free ride ,either as a hand out to the lazy or as a government approved nod to the rip off/con- artist/tax avoider /financial schemer etc etc , then we will be much further along as a nation ,and better as people as well .
Posted by: bah | Jul 11, 2008 3:14:14 PM
The idea that drafting rich kids is interesting.
At what specific income level would you catagorize someone as rich?
Would you be agreeable to allow both sexes to be drafted and placed in combat roles?
Would you make allowances for those who are anti-war to serve in other ways (i.e., scrubbing out bedpans at Walter Reed)?
Posted by: Steve Q | Jul 11, 2008 3:11:29 PM
BAH,
It's a start and let me add:
4) Means-test entitlement programs (i.e., Social Security, Medicare) based on total income and prevent asset-shifting.
5) Flat tax with no deductions, exceptions, oh-by-the-ways, etc.
6) Two years of government service (Civilian or Military) with coverage of tuition, books, and fees for 1st two years of college. For each year beyond the 2, add another in return for school.
Anyone else got ideas to add or share?
Posted by: Steve Q | Jul 11, 2008 2:54:27 PM
TO bah and Steve: There's another very important suggestion. Disentangle the media from the corporate sphere and force it to exist as a single entity. In this manner we might begin getting the truth from the media which presently only twists the truth around to fit the interests of the corporate kindgom.
For example: General Electric owns NBC (and many others.)
Posted by: sylvester_katt | Jul 11, 2008 2:51:53 PM
For you neocons that agree with Phil Gramms 'whining' statement, I have a question for you. Since John McCain has repudiated Gramms remark and has in effect 'thrown him under the bus', are you still supporting John McCain? After all, McCain now seems to be supporting these whiners, at least saying he feels their pain. Just curious, how you are able to justify supporting McCain while defending Gramms remarks without looking like a bunch of hypocrites?
Posted by: Drew Hoffman | Jul 11, 2008 2:49:04 PM
steve ive got LOTS of suggestions. heres a few:
1) reform the political process in this country from the ground up , with term limits and campaign finance reform on the top of the list. enlist the top political educators and teachers ,along with average everyday people to make up a panel that comes up with and implements the reform ideas and proposals that are so desperately and obviously needed , not businesses corporations and lobbyists.
2)remove from office any person who acts in any self serving interest ,and put them in REAL jail (for a long time) and take their belongings,similar to drug prosecutions.that kind of treatment is needed to stop government corruption immediately.
3)make government "by and for the people" in all ways ,first and foremost in all levels of public service.
thats 3 biggies right there, i could go on i guess for quite a while since this country is so screwed up (compared to what it is capable of anyway) but i wont bother...i would be "whining" im sure.
Posted by: bah | Jul 11, 2008 2:36:19 PM
TO bah. RE: your last statement. This is truth succinctly stated clearly as it is. That's the reason I refuse to work (that and the fact I'm retired.)
Posted by: sylvester_katt | Jul 11, 2008 2:32:53 PM
Some people's economic miseries are their own fault, but we must be realistic: not everything that happens to us in this economy is our fault. We could live as frugally as possible and still be strapped for cash. We're spending money on food, gas, and clothes because we NEED them. What are we supposed to do, live in caves or like nomads? The reason we're shelling out more for these necessities is because prices ARE going up! It's not all just in our heads. I know it's not just in my mind because I'm seeing it happen-- at the gas stations, at the supermarket, and just about any place where prices could go up. Given McCain's callous, cruel remarks, he has no business running for president.
Posted by: Veronica | Jul 11, 2008 2:32:42 PM
"Anecdotal evidence for a poor economy?" Lets see the sub-prime mortgage scam which came to be as a result of bush pulling out of all of the regulations set to prevent this. Exorbitant fuel prices. High food prices on the increase. Millions (working people) living worsened life styles since 2000. The rich living more exalted life styles since 2000.
Ancecdotal evidence, in a pig's ###! That's REAL evidence. Also evidence indicating that the Ratpacklican Party is composed of nothing but deceiving and convoluting snakes.
Posted by: sylvester_katt | Jul 11, 2008 2:27:17 PM
First to Sharon: I understand your situation completely with your Mom, Husband, and Son. Your situation requires extra-ordinary care and attention that many cannot provide on their own. That was the idea behind a government safety net (i.e., Social Security, Medicare/Medicade, etc.).
To those who continue to vent without solutions (i.e. WHINE): Thank you for your suggestions, they will be taken under advisement and acted upon in the proper course.
Posted by: Steve Q | Jul 11, 2008 2:17:23 PM
mack , i will agree that most americans over spend. while i dont agree with that i can understand ,as an empathetic human WHY they do it.
see, parents want their kids to be happy and have ,at least some ,or a few of the nice things that the "haves" have.
sure there are some who are just lazy and want a meal ticket , but most people arent that at all ,they are just disgruntled and tired of being used and lied to.
i personally believe there is enough for everyone and that most people will work hard IF THERE IS THE POSSIBILITY FOR UPWARD GROWTH.
but when the large majority of the jobs are underpaid with no potential for significant growth, there is no real carrot so to speak for the american worker to go for ,and that brings along the current state of the nation ,that is ; where the government imports illegals to work ,screwing up the labor market in the process ,telling the american worker they are "whining" or imagining there is a problem ...
what an elitist statement in total, proving beyond any reasonable doubt that anyone who votes mccain/republican is either:
a:rich
b:stupid
c: both a and b
Posted by: bah | Jul 11, 2008 2:16:03 PM
This is CLA-Sic Democratic playbook in Action. Every year there is a Republican in office that they are trying to un-seat, they start ramping up the rhetoric on the economy. Fanning the flame of every indicator thats negative. (never mind that in any year, there are always negative indicators and positive indicators) There absolutely is not a Recession going on. Recessions take place when the economy shrinks, or receeds. We have had at least 1% growth for years. So of course, any Recession is psycological, or based on perception alone. But that doesn't stop media outlets and Dems from throwing the R word around. Then when Republicans try to counter with the truth, they crack back "oh see how un-caring the Republicans are about people who are struggling in the economy". Next thing, I guarantee you, is they'll start pulling out anecdotal evidence of a poor economy. Facotries closing etc. Then interview someone who just lost their job, who OF COURSE is upset and would like to blame the economy and administration for their micro-economic problem. But there are always factories closing and pissed off people, in any economy. The true measure is how many, and thus an anecdotal interview or news story, though politically powerful, is not empiraclly accurate. Measures like Economic Growth are. And they are still positive. Its an old play book that the Dems have used with great effect. Its a hard one to out-maneuver. But don't think for a second that the news media or others who don't understand this aren't being played for a fool.
Posted by: BK | Jul 11, 2008 2:08:43 PM
If the economy is so dire and grim, why are there people waiting in line, like cattle, to buy a new iphone? I guess those are all the iced tea drinking fat cats.
Posted by: Mack | Jul 11, 2008 1:59:18 PM
AMEN SYLVESTER! VERY SUCCINCT AND TO THE POINT!
Posted by: bah | Jul 11, 2008 1:58:09 PM
OK! You heard it directoy from the exemplar republican. You're all whiners. Get back to work. We're gonna' do away with your work breaks, you'll make an extra buck or two, and you'll have no excuse for further whining.
You clowns not making big incomes deserve things like McCain and Gramm. This is what you get when you vote for these kind of vermin. Yet you bozos never learn. If McCain does get elected I'll be happy when he and gramm sticks it even harder up you and then economically blames you for it. For voting for the bush-cheney scum, you deserve as bad as it can get. Good riddance!
Posted by: sylvester_katt | Jul 11, 2008 1:53:50 PM
Wow, still whining. I think Mcain's advisor is on to something for sure. Bah, your whining so much you didn't even take time to be insulted by my post. Whats a brother gotta do around here?
Posted by: Mike | Jul 11, 2008 1:39:55 PM
and ,lastly...it would be different ,and not an issue to me if we did not live in a country that is supposedly by law governed by the adage "by and for the american people" (meaning the majority of the american people ,not a tiny rich powerful few).
but ,since the american government is supposed to ,by inference of the above statement, reflect the average americans' best interest , i must take deep divided issue with the current policies of this government , that is, the republicans/elitists/corporations .
Posted by: bah | Jul 11, 2008 1:03:50 PM
I guess he was right about the "whiners" statement.
Posted by: mike | Jul 11, 2008 12:54:20 PM
"bah",
First off, I'm not eating ramen noodles. They're the biggest waste ever :-)
Second, no, I'm not "happy" with $100/month, but that's all I have and I'm making it work. I'm not entitled to more, because I haven't done anything to earn it - yet. The "American Dream" is NOT being handed a house, car, spouse and two kids - it's working for it. And I'm willing to work.
Now I have no money. I have nothing except the blessing of a good set of brains. So what am I doing? Living the American Dream of using my talents to go to school and earn a degree that will earn me good money after I finish. But when I'm finished, I don't need the government taking away my hard-earned money and using it to bail out people in credit card debt up to their ears or with mortgages they should have known they couldn't afford.
Posted by: ev | Jul 11, 2008 12:16:43 PM
It doesn't suprise me that a politician with a six figure salary is calling Americans a bunch of whiners. I'm sure that gas prices do not affect him, he probably gets it for free because of who he is. I'm also pretty sure that because of his position his finances and fat retirement are all taken care of thanks to us-the common taxpayer. You'll have to excuse me for being quick, I am writing this between breaks from one of my 2 jobs I have to pay for the 3 G's-gas, groceries, and my gallstones...
Posted by: Oscar Galicia | Jul 11, 2008 12:09:36 PM
ev , sorry but thats NOT my idea of the american dream ...someone eating /living like they live in zambia or some 3rd world nation , while a tiny segment of the populace has every whim and thing they desire a reality and more?
its really as simple as this childish analogy...look at the american econmy as a pie . there are just so many slices of that pie and when an elite few get more of the pie than they need /deserve that leaves the rest america struggling to find enough of the pie to go around...is that simple enough for everyone?
the problem is , some people ,(not many and mostly republicans) , are really raping this economy to their huge benefit ,while everyone else eats ramen noodles and is (supposedly) happy with $100 monthly to spend. what ever happend to the "ameican dream"? used to be something attainable but now it is truly becoming a "dream".
a bigger probelm ,to me anyhow , is that things can be as bad as they are , and yet you have folks like ev and mccain/gramm here ,telling everyone that all their problems are just imagined.
yikes!! can you say " brainwashed"?
Posted by: bah | Jul 11, 2008 12:00:27 PM
I would like these politicians to try to live like my family does, and say that we are not in a recession. We both work full time, and make less than $50,000 a year. we are trying to keep a house and vehicle and raise 3 children in the process. We have so much coming out of our paychecks in taxes and medical insurance that we are lucky o bring home 50% of what we make. We can't back andy more than we already are, because we are buying even less, and paying sooooo much more!!Let them try to live on our income for a year,a nd they may just change their mind.
Posted by: chris | Jul 11, 2008 11:59:49 AM
"I don't feel for these people who have no self control. We have become a country that nothing is enough for us we always want more. Go home Cook dinner and sit down and eat a meal with your family and learn to enjoy the little things."
Very well said. Cut up those credit cards people and live within your means.
Posted by: Mack | Jul 11, 2008 11:51:06 AM
Drew,
you make a good point about inflation, and I wasn't trying to address that. You're right that I'm new to this and naive - I'm just sick of reading dozens of comments about how all republicans are just rich men trying to get richer.
I'm just saying that most of the families that I know that are complaining about the money crunch are still spending tons of money on non-necessary items.
(And the $100 isn't disposable; it's my food money. Not a student loan either - it's my summer internship earnings spread over the school year. So I suppose it's savings rather than income if you want to get technical...)
Posted by: ev | Jul 11, 2008 11:49:14 AM
That all sounds real good there 'ev', except for one thing and that is called inflation which is now beginning to show it's ugly head. Assuming your income (student loan or whatever) remains constant, what happens when your rent, utilities and insurance premiums go up to the point that you no longer have the $100 a month disposable income that you claim to have? Ah, it's so nice to be young, uninformed and naive. Write back to us after you've spent a few years working for a living and supporting a family.
Posted by: Drew Hoffman | Jul 11, 2008 11:40:29 AM
Everyone posting on this site has an internet connection.
You really can't convince me that you're struggling to buy food and fuel when you have an internet connection and the time to post. Before ANYONE convinces me that our terrible economy is destroying their lives, they'll need to demonstrate that:
their cell phone/plan is the cheapest available,
they own no iPods, Wiis, or other useless electronic equipment,
every car they own is driven daily and necessarily,
they don't go out to eat more than once a month,
they don't go to the movies more than once a year,
they buy pasta, rice, potatoes and vegetable rather than snack food and soda,
and they don't pay more than $20 for any article of clothing (including shoes), and then only buy to replace what's worn out.
If you're doing all of the above and still struggling to make ends meet, I feel for you and wish you the best of luck making it through tough times.
Otherwise, I completely agree with Gramm that you're a whiner.
(this from a student surviving just fine on about $100/month after paying rent, utilities, and insurance)
Posted by: ev | Jul 11, 2008 11:14:12 AM
We don't need 100 years of the bush economy from McCain
Posted by: scott | Jul 11, 2008 9:51:25 AM
Carlos, You do not have a clue what you are talking about. What does McCain poor economic policies have any thing to do with rev write or are you trying to change the subject. McCain has not distanced himself from this guy at all. He still has this tool as his top political adviser on the economy. McCain himself admits not understanding the economy and this is STILL where he is getting his advice from. Stagnate wages, working American without healthcare, people being forced into bankruptcy because of medical bills, out of control gas prices, the GOP giving tax breaks to companies that outsource your job overseas. American people are not whiners they just want economic policies that favor American workers. That is why anyone who actually looks at the issue and does not just blow there party’s horn is voting for Obama.
Posted by: Eric | Jul 11, 2008 9:39:05 AM
If I had been at the pig trough feeding off the taxpayer and lining my pockets from pork barrel spending, I probably wouldn't be whining!
D.C. is full of these jokers.....IT MAY BE TIME FOR ANOTHER TEA PARTY!
Posted by: Alan | Jul 11, 2008 9:28:24 AM
Now I don't claim to know much about Mr Gramm, But as a business owner for many years, I do know that you can let yourself or talk yourself into the economey being bad. I know this because I've done it in the past. I prefer to be a glass half full person. I cannot change the fact gas prices are 4.00 a gallon, I pay 4.85 for Diesel. But as Mr Gramm said We are a country of Whiners. I feel for some of the people who are being forclosed on, but a great majority of these people refid there homes several times. I have neihbors who have done it at least 3 times in that many years . I don't feel for these people who have no self control. We have become a country that nothing is enough for us we always want more. Go home Cook dinner and sit down and eat a meal with your family and learn to enjoy the little things.
Posted by: Chris | Jul 11, 2008 9:19:34 AM
Carlos says he has respect for McCain for distancing himself from Gramm due to statements he doesn't agree with. Let's see, it was McCain who said he doesn't understand the economy, so he hires Phil Gramm to be his advisor. What is the point of hiring an advisor with whom you don't agree? I think McCain is extremely confused and it could be that he is just too old to get a grasp on things. Not the type of person we need as President.
Posted by: Drew Hoffman | Jul 11, 2008 8:49:33 AM
While I do agree with Gramm's comments about the economy, I also respect McCain's decision to distance himself from Gramm for saying things he doesn't agree with. Let's compare this to Obama. He sat under Wright for 20 years, listening to his hate-speech. Then when he was called out for it, he still supported Wright while criticizing his own grandmother. Not until he found it politically expedient did he distance himself from Wright, and even then his sincerity was questionable. McCain, on the other hand, has immediately distanced himself from Gramm. Both of these situations speak to the candidates' integrity.
Regarding John Edwards' comments on Good Morning America, who is less qualified than John Edwards to understand what the average American is going through financially. When will he get the message that Americans aren't interested in what his thoughts are. Haven't we demonstrated that in two election cycles by not nominating him for the democratic party!
Posted by: Carlos | Jul 11, 2008 7:50:57 AM
I stand corrected. The public is both gullible AND whiny.
Posted by: Kadiddlehopper | Jul 11, 2008 7:43:30 AM
Not to worry. Now I understand everything, it's all in my head. Yeah, tough times...in my mind, my neighbor losing her home...in her mind, gas at over 4 bucks, in our minds, the rich getting rich...duhhhh, let me see..duhhh, no, it's real, they are getting richer...good for them, at least something is real. Thank you Gramm. Now next time I go to get gas, I'll tell the guy I'm only paying 2 bucks a gallon, the other 2 bucks is all in his mind. I'm sure he'll understand it too.
Posted by: Jake | Jul 11, 2008 7:37:10 AM
I think Sen. Gramm is absolutely correct. The media has been hyping a recession until now they have people believing it. Even though there are some people who are legitimately in difficult times, most Americans who are struggling financially are struggling because of their own bad decisions (e.g., buying a house they can't afford, taking trips they can't afford, running up credit card balances, buying a car they can't afford, the list is long!). You can only spend for so long before it catches up to you. Even my sons at ages 10 and 12 understand the concept of "delayed gratification" and "living within your means." Wake up America!! It's not the government's fault that individuals can't control their spending, and it's definitely not government's place to bail them out.
Posted by: Paula | Jul 11, 2008 7:36:02 AM
McCain didn't say this.
Stop with the guilt by association.>>>>>
You are probably the same person who jumped on Obama because of something his pastor said. McCain looks to Graham for economic advice. In 1996 McCain supported Graham for president.
This guy shaped policy that is impacting our economy right now! something Rev. Wright can't do.
Posted by: mzdolphin | Jul 11, 2008 7:28:10 AM
Investment fraud, hidden accounts promoting offshore tax avoidance for wealthy Americans. Gramm fits right in at USB. Everyone knows the most experienced and influential crooks are politicians, GOP and DNC alike. They pose as politicians for the better good of the country. The agenda is primarily to obtain public office to create opportunities in monetary gains for themselves and those who have greased the wheels to help make it happen. A few bungling words, bad choices and a blatant lack of mature leadership will do nothing to set them back. Gramm plays the shell game. We are not a whiny public. We are gullible one.
Posted by: Kadiddlehopper | Jul 11, 2008 7:20:24 AM
Who’s to blame for the biggest financial catastrophe of our time?
There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm.
Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm co-chairs Sen. John McCain’s presidential campaign and advises the Republican candidate on economic matters. He’s been mentioned as a possible Treasury secretary should McCain win.
That’s right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.
Posted by: r | Jul 10, 2008 11:52:49 PM
************************
Republicans ALWAYS use the power of government to benefit thr rich and corporations. They ALWAYS express it's the person's fault if they need government's help. However they have no problems giving taxpayers money to big oil and other non deserving sectors of business.
Posted by: HoosierSue | Jul 11, 2008 6:08:10 AM
This becomes the headline? But B.O's comments about "our children need to learn spanish" and how "embarassing it is that most americans don't speak a second language" isn't reported on!
Posted by: jeff | Jul 11, 2008 3:44:12 AM
John McCain's advisers continue to disappoint the Aemrican people. First, it was Charlie Black - who said that a terrorist attack against America would benefit the McCain campaign! What? How can any campaign plan to benefit from violence against Americans? Secondly, now, there's Gramm, who's infantilizing Americans by calling them whiners. Does America want McCain to have people like these scoundrels at the helm? I hope Americans choose another option besides McCain's scoundrels. McCain's poor choices show us that he is just "more of the same" - like Rove, Cheney and Bush. You know, We need political change in this country. It's time to elect Senator Obama as the 44th President of the United States. I urge you all to get involved and do what you can - so that we can get this great country of ours back on track. Bush's scoundrels have misled the country.
Posted by: Allen | Jul 11, 2008 1:18:15 AM
I agree that the economy is more sound then we are led to believe, but tell that to someone who is being foreclosed on, can't afford to put money in their car to get to work or who has lost their job. I also agree that the continual barrage of talk about the bad economy that we get from the media does impact us. If we feel optimistic then we will buy, we will invest and we will take risks more readily then we would when we believe it's in the dumpster and if we personally aren't already in the dumpster that we could be someday soon . Reagan, who Obama cites way too often for a Democrat, fully understood this. Optimism can have an impact. For those for whom "change" and "hope" is important at this point in time, I would assume they understand fully well the psychological boost they would get in feeling more optimistic about the state of this Country and it's future if their candidate were to win the White House. So I'm not offended nor do I totally disagree with what Gramm said today. Having said that though I think Gramm is slime and the sooner
McCain distances himself from him the
better. Gramm is not someone I would want steering any ship in regards to the economy, he's already done enough damage in my book.
Posted by: alpaig52 | Jul 11, 2008 12:27:02 AM
Who’s to blame for the biggest financial catastrophe of our time?
There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm.
Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm co-chairs Sen. John McCain’s presidential campaign and advises the Republican candidate on economic matters. He’s been mentioned as a possible Treasury secretary should McCain win.
That’s right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.
Posted by: r | Jul 10, 2008 11:52:49 PM
Steve, my Mom gets Meals on Wheels, as well as weekly boxes from the food pantry. She gets financial help from my siblings and myself. With all of this support, she still has trouble with covering rent, utilities and her medications. My assistance is being impacted - my husband has Parkinson's disease, and with his retirement we too are on a fixed income. I am not waiting for the government to help me; I'm doing the best I can to pinch pennies and make OUR ends meet. Although we had looked forward to retirement in the Pacific Northwest, the equity in our last home in Kansas won't buy a doghouse in King County, Washington. So we're moving back to Kansas - the rent we're paying on a house comparable to our Wichita home is more than double our former mortgage payment. Our kids are there, and as my husband's condition gets worse in the future, I know that I'll need their help. I also have to plan for 3 different lifestyles - now, while he can still get around and is relatively 'normal'. Then the time will come that his health - physically and mentally - will have deteriorated to the point that I'll either need full-time help, or I have to put him into a nursing home. And the final stage - as a widow. And will we have run through all of the reserves for his medical care - the care that medicare and medicaid DON'T cover? As the government continues to strip social security and medicare, there are going to be more and more senior citizens who can't afford even the most austere way of life. No matter how much one has put aside for retirement, if they have any sort of long-term disabling illness, the limitations placed on assets by medicare often forces people to divest all of their assets.
This doesn't affect just seniors, either. We have a son with schizophrenia - he is legally disabled. What does Social Security consider a reasonable monthly allotment? $400. Ask yourself - could you live on $400 a month? He is 30, can only manage a part time job at minimum wage, and lives pretty much a subsistance life. We can't give him money - he has to report any financial assistance, and that will be deducted from his monthly allotment. Mental illness medications are expensive, and medicaid/medicare contributions are marginal. He has also had severe asthma since birth; those medications are obscenely expensive. He gets only as much as he can afford, and hopes that he doesn't have a severe attack.
Am I whining? No, I'm looking at the reality of having family members with seriously disabling illnesses, and trying to find any and every possible resource available, because there is no way on earth that any government programs are going to help; as they are now, those programs are more harmful then helpful. I'm busting my butt to give my husband a decent quality of life for as long as possible, recognizing that the result may leave me in poverty when he's gone. Having been a mom who stayed at home to raise the kids, my social security is going to be marginal at best. Whine? No way; I'm too angry to whine.
Posted by: Sharon | Jul 10, 2008 11:40:32 PM
i challange you phil grahme = live where i live and try and live on what i live on and try and spend = to what your use to and see how fast your money lasts
Posted by: william | Jul 10, 2008 11:00:31 PM
There is one truth is the entire article!!! "Thank God the economy is not as bad as you read in the newspaper every day.!!!"
THAT is the main reason the NYT, WP, AJC SFC, et al are posting radical declines in readership and advertising!
Today we have the Internet, C-Span, Talk Radio, Cable news and many alternate news sources that counter the coerced leftist mantra of Big News!
Damn THIS IS FUN!!!
Posted by: Howard Ino | Jul 10, 2008 10:53:25 PM
Some of the Obama supporters really should take an economics class. I'll admit that President Bush's lack of fiscal restraint may have adversely affected our economy. However, do not think that that is the sole reason for inflation in gasoline and food. Rising demand in places like China and India push prices higher. Most economists say prices would still be this high even if Kerry or Gore became president. More supply (which can be obtained by drilling) will decrease prices. Government intervention is not going to fix the problem. I hate to rain on your parade but Obama doesn't have some magic cure-all button.
Posted by: David | Jul 10, 2008 10:44:32 PM
Gramm is right. Economists have for years been mystified by the stark divergence between actual conditions and public opinion about the economy.
This is not to say that everything is fine. Indeed, the last year as seen objectives indicators turn for the worse. But they still hardly merit the level of national angst. Nor does this recent change retroactively justify the people who have been crying "recession" for the entirety of the Bush administration.
Personally, I attribute the overly sour public mood to the grossly distorted and hyperbolic news coverage we've been inundated with. One of the primary indicators that the public mood is not justified has been the disparity between how people rate their own finances how they say they think others are doing. Generally they have said their situation is okay, but everyone else, they claim, is doing poorly. Well how would they know? They get it from news, of course.
Posted by: Brian | Jul 10, 2008 10:35:07 PM
Yea! Everything's GREAT! We've never been better off! Yea, we've had YEARS of Jobs going BYE! BYE! Yea, the Dollar's in the toilet; Gas costs an arm and a leg, Inflation is through the roof, Our National Debt is SKYROCKETTING!
But, HEY! Like the Republicans say, STOP WHINING! SUCK IT UP! Let's see who's whining, after the Election, Phil!!
Posted by: J/C | Jul 10, 2008 10:19:48 PM
In 2006, the combined after tax profits of the top six oil companies were greater than the GDP of 2/3 of the world's national economies. Interestingly enough, that profit number was $129 billion (for only the top six, remember) and US gasoline consumption was about 137 billion gallons. Pretty close, I'd say.
BTW - Exxon-Mobil's 2006 after tax profits were greater than the Venezuelan federal budget. Exxon-Mobil's 2006 revenue was greater than the 2006 GDP of Taiwan, Indonesia, Saudi Arabia and Iran (1.7 times the GDP of Iran, actually).
Numbers courtesy of the US government and the Wall Street Journal. For those of you who think that, you know, actual FACTS are a good way to keep things in perspective.
Posted by: MaineMan | Jul 10, 2008 10:19:35 PM
Bravo to Sen. Gramm! He's right. I was laid off. I was bummed about it, but I didn't whine, and I sure as hell didn't head down to the government office to claim unemployment or food stamps. I put my head down and started looking for another job and, by golly, I found one! I took care of my own business and moved on, not paying attention to all the dour 'news'.
Posted by: Chris Baecker | Jul 10, 2008 10:18:01 PM
When you got millions and have nothing to worry about ,we must look like whiners to them.Mc Cain said he don't agree but you know what he hired the man so now we know ,they all are the same .They have nothing to worry about all on social security and then we pay all their bills.Hate it time for the government to remove some of the perks and let them work for us ....Like the job they have and if we don't like them and they don't do as they say when elected they are fired including the president.
Posted by: indp,voter | Jul 10, 2008 10:16:24 PM
So basically the republican party "jacks up" the economy and tells us to get over it and suck it up?
These clowns can FORGET winning this election !!!!
Posted by: Order | Jul 10, 2008 10:01:08 PM
I support McCain and I’ll still vote for him but that was a dumb thing to say. Still, he’s about a million times better than Obama.
Posted by: Royce | Jul 10, 2008 9:52:42 PM
Gramm got it right; The Democrats + MSM have made us a nation of whiners. The Dems need victims and the MSM needs to sell newspapers...
Meanwhile, many of us remember real unemployment, inflation, and high living costs under Jimmy Carter. I guess the nation needs a reminder about what a real recession is like, so here comes Obama.
Posted by: Bill Sanford | Jul 10, 2008 9:47:24 PM
Courtney...it's an attitude like yours that gives elitists a bad reputation. There is a whole generation of people like myself that have worked in the blue collar world for 20 to 30 plus years.Only to find ourselves a few years from retirement and forced out the door.Some not able to afford medication or insurance.Or struggling to make ends meet. Somebody has to do all those dirty jobs nobody else wants to do.Where's your compassion and understanding? Not everybody can be like you.
Posted by: Miki | Jul 10, 2008 9:43:37 PM
if only we could all marry multi-millionaire heiresses then we would have nothing to whine about.
who's with me?
Posted by: ron | Jul 10, 2008 9:43:21 PM
Sharon,
Does your Mom have access to Senior services for low/free health care? Can she access food pantries, "Meals On Wheels", or other services that provide basic substanance? Have you helped your Mom by contacting those services, setting up the appointments, and going the "extra mile" to ensure her needs are being met? I've done the same for my Mom and Grandmother (both who have severe medical issues). If not, get off the computer, look in the Yellow Pages and start helping Mom instead of waiting for B. McCain/John Obama's magic solution.
It takes a thick hide to run for public office and I don't fault those who earn their pay while serving as our representatives. Those who collect their salary and pontificate without offering solutions - they deserve to live on fixed incomes.
Posted by: Steve Q. | Jul 10, 2008 9:42:05 PM
let`s see... we are a nation of whiners now! Hmmmm... i get up at 4:30 every morning and drive my own van for a living for abvout 10 hrs. straight, no breaks.since i am on call 24/7 i go out for work again in the afternoons.2 years ago i spent 12 cents a mile on gas to drive- today it`s 34 cents.we shop with coupons turn every nickel twice and haven`t had a vacation in ...i don`t remember. we give everything possible to our 7yr. old son but unless some miracle comes along i will not be able to pay for his college.health insurance is out of reach for us.reality is that i was back in my van 10 min. after a 3hr. surgery to repair accident injuries on my arm.
whiners.... sorry gramm and mcbush but i have no time to whine. i am to busy to survive the mess that you and your ilk has brought upon us.it frightens me to thimk of you in the white house deregulating and scheming to fill your pockets while we are just trying to survive. i challenge you mcbusch to spend one day with us,if you had any conscience left you will then disappear into obscurity where you belong.
Posted by: tom | Jul 10, 2008 9:35:38 PM
I'd love to see the 'enlightened ones' live on the fixed income of our seniors. Let THEM try to survive o the outrageously spiraling gasoline and food prices, and the indecent cost of medical care and/or prescriptions. When my mother has to choose between her medications and eating, I challenge McCain and Gramm to tell me that she is 'whining'.
These men are as bad a Bush - totally out of touch with the predicament of the blue collar workers, and in denial as well. If only we could give THEM the sort of pay cut that too many workers today are forced to take. I'm sick of paying outrageous wages to men and women who swore to represent me. Instead of being listened to I am being screwed.
Posted by: Sharon | Jul 10, 2008 9:27:05 PM
Wait until November and we will see who the "WHINERS" are????
Posted by: Brutice | Jul 10, 2008 9:26:15 PM
McCain and Gramm live in bubbles. Gramm is the $25 million a year vice chairman of a SWISS bank who has lobbied for the deregluation that brought you the current credit mess, and has unhesitatingly supported jobs-destroying NAFTA. Aside: his bank is being investigated for money laundering and abetting massive tax evasion and securities fraud. His wife is Labor Secretary and is constantly pushing for more rights for foreign workers (i.e. illegal aliens) in this country. Oh, and she was on the board of ENRON and cashed out just before they went under. Mrs. McCain is a beer heiress with 8 homes and, if the media is correct, about to cash out of Anheuser Busch in favor of Belgian investors. Poor John. Nice guy but surrounded by greedy "Americans" who have no interest in the country. Oh and the whiner comment? What can you expect.
Posted by: Alonzo Quijana | Jul 10, 2008 9:21:45 PM
It is about time a politican finally called it correct: My generation (I was born in 1962) is a bunch of whiners! PERIOD!!
In 2005-06, I was unemployed and took whatever job I could to ensure my family had a roof over their head and food on the table. Th